Fostering the development of an investment channel between the mainland, Hong Kong and the Middle East is one of the key priorities moving forward, according to Hong Kong Monetary Authority chief executive Eddie Yue Wai-man.
Speaking in a RTHK television program, Yue said he hopes to provide Middle Eastern investors a way to invest in Hong Kong and mainland's bond market.
"There are two Hong Kong stock-tracking exchange-traded funds listed on the Saudi Arabia exchange, while Hong Kong is also assisting the United Arab Emirates in establishing a bond settlement and custodian institution," Yue said.
He added that Lee's trip to Saudi Arabia and the UAE in February 2023 and the authority's participation in Saudi's Future Investment Initiative Summit last October has reinforced the city's role as a financial gateway between the Middle East and Asia.
mBridge in trial, to be launched if trial goes well
Yue also mentioned that mBridge, a cross-border central bank digital currency project in collaboration with the UAE and other central banks, has entered the "minimum viable product" phase, with trials underway for real trade settlements.
"If the trial goes well, the project will be officially launched," he added.
The authority has been working with Middle Eastern central banks on several experimental yet high-potential technology initiatives, according to Yue.
